Standard Chartered PLC has announced the appointment of Maria Ramos as its new chair, following José Viñals' retirement after nine years at the helm. This significant leadership transition is set to take place at the bank's annual general meeting scheduled for May 8, 2025.
Ramos, 65, has been part of Standard Chartered's board as an independent non-executive director since January 2021 and has held notable positions including chair of the Board Risk Committee and senior independent director. Her extensive background includes serving as CEO of Absa Group Limited, where she was instrumental for ten years and oversaw the bank's exit from Barclays ownership.
The announcement on February 4 highlighted the rigorous global search led by the Selection Panel, which prioritized candidates with significant experience and strategic vision, particularly amid increasing trade tensions between the U.S. and China. Bill Winters, the bank's CEO, expressed confidence in Ramos's ability to drive growth and innovation, especially as she prepares to manage succession planning for his impending ten-year tenure at Standard Chartered.
"I am grateful for the opportunity to lead Standard Chartered, and I look forward to continuing the strong work José Viñals has undertaken during his time as chair," remarked Ramos, praising Viñals for his notable contribution and leadership.
Ramos’s appointment is not just significant for her expert banking clientele but also reflects stronger gender diversity within the leadership corridors of major European banks, which have traditionally been male-dominated. Her strategic insights, particularly from her previous stronghold at Absa, are viewed as pivotal for Standard Chartered as it navigates the current economic climate.
During her tenure at Standard Chartered, Ramos will also need to oversee the bank's adjustments, which include cutting back on retail banking to increase its focus on wealth management—a strategy aimed at stabilizing income streams amid variable global interest rates.
“With the world still adapting to the post-pandemic economic reality, Maria’s diverse banking experience will be invaluable,” added Winters. The bank has faced challenges recently, including sluggish share performance and rumors of potential acquisitions. Notably, the share price rebounded sharply, having risen nearly 80% over the past year, signaling recovery and potential solid future performance.
Maria Ramos will relocate to Britain to take up her new responsibilities and is expected to receive an annual salary of 1.3 million pounds, approximately 1.6 million dollars. With her arrival, there is optimism about her ability to lay down direction and strategy amid global uncertainties.
Ramos's leadership experience spans both the public and private sectors, having served as director-general of South Africa's National Treasury prior to her role at Absa. Her appointment is seen not only as beneficial for Standard Chartered but as indicative of broader trends toward senior female leadership within global banking.
Standard Chartered looks to cement its foothold as it adapts to changing market conditions. With Ramos at the helm, stakeholders hope to usher the bank toward innovative strategies to improve its competitive stance during this transformative period.